Core Viewpoint - The radio frequency power amplifier market is experiencing unprecedented growth driven by advancements in wireless communication technologies such as 5G, IoT, and autonomous driving, with a projected market size of $6.254 billion in 2024 and expected to reach $9.976 billion by 2031, reflecting a compound annual growth rate (CAGR) of 6.90% [1][13]. Industry Overview - Radio frequency power amplifiers are essential electronic devices that amplify input RF signals to higher power levels, crucial for wireless communication, radar, and satellite communication [3]. - The operational principle involves key steps: signal input and matching, signal amplification, and output matching and load driving [3]. Market Dynamics - The market is segmented into linear power amplifiers and switch-type power amplifiers, with linear amplifiers having high frequency but narrow bandwidth, while switch-type amplifiers offer high efficiency and output power but lower linearity [5]. - The demand for RF power amplifiers is significantly driven by the increasing number of 5G base stations, with an expected construction of 4.251 million base stations in China by 2024, an increase of 874,000 from the previous year [11]. Industry Chain - The RF power amplifier industry chain includes upstream suppliers of EDA software, substrate materials, and packaging materials, midstream manufacturers of RF power amplifiers, and downstream manufacturers or operators in mobile terminals, communication base stations, IoT devices, and military radar [7]. Substrate Materials - Common substrates for RF power amplifiers include Si, GaAs, and GaN, with GaAs being the mainstream substrate due to its superior performance in mobile terminals and micro base stations [9]. - The global GaAs substrate market was approximately $200 million in 2019 and is projected to reach $348 million by 2025, with a CAGR of 9.67% [9]. Competitive Landscape - The RF power amplifier market is primarily dominated by American companies such as Skyworks, Qorvo, and Broadcom, while domestic companies in China are gaining competitive advantages through better understanding of local markets and cost control [15]. - Key domestic players include Weijie Chuangxin, Shenzhen Feixiang Technology, Guangzhou Huizhiwei Electronics, and Jiangsu Zhuosheng Microelectronics [15][16]. Company Performance - Weijie Chuangxin reported a revenue of 854 million yuan for its RF power amplifier modules in the first half of 2024, a year-on-year increase of 7.14% [16]. - Guangzhou Huizhiwei Electronics achieved a revenue of 384 million yuan in the first three quarters of 2024, a year-on-year decrease of 3.59%, with a net loss of 298 million yuan [18]. Future Trends - The industry is expected to pursue higher power density, efficiency, and linearity to meet the demands of complex communication environments, with a trend towards miniaturization and integration of RF power amplifiers [20]. - The integration of artificial intelligence technologies is anticipated to enable smart and adaptive RF power amplifiers that optimize power output, gain, and linearity in real-time [20].

证券代码：600584 证券简称：长电科技 公告编号：临 2025-022 江苏长电科技股份有限公司 第八届监事会第九次临时会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 江苏长电科技股份有限公司（以下简称"公司"）第八届监事会第九次临时 会议于 2025 年 4 月 23 日以通讯方式发出会议通知，于 2025 年 4 月 28 日以通讯 表决的方式召开，本次会议表决截止时间为 2025 年 4 月 28 日下午 2 时。会议应 参加表决的监事 3 人，实际表决的监事 3 人。会议的召集和召开符合《中华人民 共和国公司法》《中华人民共和国证券法》及《公司章程》的规定。 二、监事会会议审议情况 本次会议表决通过了相关议案，形成决议如下： （一）审议通过了《江苏长电科技股份有限公司 2025 年第一季度报告》 公司监事会根据《上海证券交易所上市公司自律监管指南第 1 号——公告格 式第五十二号 上市公司季度报告》等有关规定，对公司 2025 年第一季度报告进 行了认真的审核，一致认为： 1、 ...

证券代码：600584 证券简称：长电科技 公告编号：临 2025-021 江苏长电科技股份有限公司 第八届董事会第十二次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 表决结果：9 票同意，0 票反对，0 票弃权。 公司 2025 年第一季度报告中的财务信息及财务报告已经董事会审计委员会 事先审核同意。 表决结果：9 票同意，0 票反对，0 票弃权。 （二）审议通过了《关于 2022 年股票期权激励计划第三个行权期行权条件 未成就及注销部分股票期权的议案》（详见上海证券交易所网站 www.sse.com.cn 《江苏长电科技股份有限公司关于 2022 年股票期权激励计划第三个行权期行权 条件未成就及注销部分股票期权的公告》） 根据公司《2022 年股票期权激励计划》（以下简称 "本次激励计划"）、《2022 年股票期权激励计划实施考核管理办法》的有关规定及公司 2022 年第二次临时 股东大会的授权，对照公司 2024 年度实现的业绩指标，公司层面业绩未达触发 值，本次激励计划授予的 ...

证券简称：长电科技 证券代码：600584 公告编号：临 2025-024 江苏长电科技股份有限公司 关于2022年员工持股计划第三个解锁期 解锁条件未成就的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏长电科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开第八 届董事会第十二次临时会议，审议通过了《关于 2022 年员工持股计划第三个解锁期 解锁条件未成就的议案》，现将有关事项公告如下： 一、公司 2022 年员工持股计划的审议程序及实施情况 1、2022 年 4 月 13 日，公司召开第七届董事会第十四次临时会议，审议通过了 《关于公司 2022 年员工持股计划（草案）及其摘要的议案》、《关于公司 2022 年 员工持股计划管理办法的议案》、《关于提请股东大会授权董事会办理公司 2022 年 员工持股计划相关事宜的议案》。同日，公司召开第七届监事会第四次临时会议， 审议通过了《关于公司 2022 年员工持股计划（草案）及其摘要的议案》、《关于公 司 2022 年员工持股计划管理办法的议案 ...

证券简称：长电科技 证券代码：600584 公告编号：临 2025-023 江苏长电科技股份有限公司 关于2022年股票期权激励计划第三个行权期 行权条件未成就及注销部分股票期权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏长电科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开第 八届董事会第十二次临时会议和第八届监事会第九次临时会议，审议通过了《关于 2022 年股票期权激励计划第三个行权期行权条件未成就及注销部分股票期权的议 案》，现将有关事项公告如下： 一、2022 年股票期权激励计划已履行的相关审批程序 1、2022 年 4 月 13 日，公司召开第七届董事会第十四次临时会议及第七届监事 会第四次临时会议，会议审议通过了《关于公司 2022 年股票期权激励计划（草案） 及其摘要的议案》、《关于公司 2022 年股票期权激励计划实施考核管理办法的议案》 等相关议案，独立董事对公司第七届董事会第十四次临时会议相关事项发表了独立 意见，监事会对 2022 年股票期权激励计划相关事项进行了 ...

中国上海石门一路 288 号兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于江苏长电科技股份有限公司 注销 2022 年股票期权激励计划部分股票期权相关事项的 法律意见书 致：江苏长电科技股份有限公司： 本所仅就与公司本次注销所涉及的相关的法律问题发表意见，并不对本次激 励计划所涉及的标的股票价值、考核标准、考核结果等问题的合理性以及会计、 财务、审计等非法律专业事项发表意见。在本法律意见书中对有关财务数据或结 论进行引述时，本所已履行了必要的注意义务，但该等引述不应视为本所对这些 数据、结论的真实性和准确性作出任何明示或默示的保证。 本法律意见书仅供公司为本次注销之目的使用，不得用作任何其他目的。本 所同意公司将本法律意见书作为其本次注销的必备文件之一，随其他材料一起提 交上海证券交易所予以公告，并依法对本法律意见书承担相应的法律责任。本所 同意公司在其为本次注销所制作的相关文件中依法引用本法律意见书的相关内 容，但该引用不应采取任何可能导致对本所意见的理 ...

证券简称：长电科技 证券代码：600584 | | | 上海荣正企业咨询服务（集团）股份有限公司 关于 江苏长电科技股份有限公司 2022 年股票期权激励计划第三个行权期行权条件未 成就及注销部分股票期权相关事项 之 独立财务顾问报告 2025年4月 | | | 一、释义 1. 长电科技、公司、上市公司：指江苏长电科技股份有限公司。 2. 独立财务顾问：上海荣正企业咨询服务（集团）股份有限公司。 3. 独立财务顾问报告：《上海荣正企业咨询服务（集团）股份有限公司关于江苏长 电科技股份有限公司 2022 年股票期权激励计划第三个行权期行权条件未成就及注销部分 股票期权相关事项之独立财务顾问报告》。 4. 股权激励计划、本次激励计划、本计划：指江苏长电科技股份有限公司 2022 年 股票期权激励计划。 5. 股票期权、期权：指公司授予激励对象在未来一定期限内以预先确定的条件和价 格购买本公司一定数量股票的权利。 6. 激励对象：按照本激励计划规定，获得股票期权的公司及子公司中层管理人员及 核心技术（业务）骨干。 7. 授予日：指公司向激励对象授予股票期权的日期，授予日必须为交易日。 8. 行权价格：指本激励计划所 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥9,335,146,486.99, representing a 36.44% increase compared to ¥6,842,026,206.64 in the same period last year[4] - Net profit attributable to shareholders was ¥203,363,562.72, up 50.39% from ¥135,226,452.63 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 79.26%, amounting to ¥193,070,976.37 compared to ¥107,701,759.54 in the previous year[4] - Basic and diluted earnings per share were both ¥0.11, reflecting a 37.50% increase from ¥0.08 in the same quarter last year[4] - Total operating revenue for Q1 2025 reached ¥9,335,146,486.99, a 36.4% increase from ¥6,842,026,206.64 in Q1 2024[18] - Net profit for Q1 2025 was ¥203,899,562.56, representing a 52.4% increase compared to ¥133,767,279.46 in Q1 2024[18] - Earnings per share for Q1 2025 were ¥0.11, compared to ¥0.08 in Q1 2024[19] - The company reported a total comprehensive income of ¥189,177,109.56 for Q1 2025, compared to ¥146,218,555.12 in Q1 2024, marking a 29.4% increase[19] Cash Flow and Investments - The net cash flow from operating activities was ¥1,144,458,791.99, a decrease of 16.62% compared to ¥1,372,653,089.02 in the same period last year[4] - Cash inflow from investment activities totaled ¥5,882,988,885.44, compared to ¥4,266,102,089.14, marking an increase of about 37.9%[23] - Net cash outflow from investment activities was ¥2,625,616,643.90, worsening from a net outflow of ¥366,976,169.73 in the prior period[23] - Cash inflow from financing activities was ¥1,922,980,489.76, down from ¥3,049,158,845.86, indicating a decline of approximately 37.0%[23] - Net cash flow from financing activities was ¥1,046,029,793.54, a decrease of 36.4% compared to ¥1,644,823,534.40 in the previous period[23] - The ending balance of cash and cash equivalents was ¥8,886,726,692.17, down from ¥9,977,498,184.58, reflecting a decrease of about 10.9%[23] - Cash received from investment recoveries was ¥5,850,000,000.00, an increase from ¥4,250,000,000.00, showing a growth of 37.5%[22] - Total cash outflow for investment activities reached ¥8,508,605,529.34, significantly higher than ¥4,633,078,258.87, indicating an increase of approximately 83.5%[23] - The company reported a foreign exchange impact of -¥20,057,165.36 on cash and cash equivalents, contrasting with a positive impact of ¥2,099,879.03 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥52,824,212,162.14, down 2.29% from ¥54,059,828,326.10 at the end of the previous year[5] - Total liabilities decreased to ¥23,092,548,607.37 in Q1 2025 from ¥24,517,183,369.86 in Q1 2024, a reduction of approximately 5.8%[16] - Total equity increased to ¥29,731,663,554.77 in Q1 2025 from ¥29,542,644,956.24 in Q1 2024, reflecting a growth of about 0.6%[16] - The company's total assets decreased from RMB 54,059,828,326.10 to RMB 52,824,212,162.14, indicating a decline of approximately 2.3%[15] - The total current assets decreased from RMB 22,191,760,280.19 as of December 31, 2024, to RMB 20,894,216,733.81 as of March 31, 2025, reflecting a decline of approximately 5.8%[14] - Cash and cash equivalents decreased from RMB 9,341,911,915.90 to RMB 8,886,726,692.17, a reduction of about 4.9%[14] - The company’s long-term equity investments slightly decreased from RMB 821,492,564.24 to RMB 801,761,262.98, a reduction of about 2.4%[15] - The company’s inventory decreased from RMB 3,792,359,920.18 to RMB 3,604,149,166.12, a decline of approximately 5%[14] - The company reported a short-term loan increase from RMB 1,637,660,932.39 to RMB 1,834,449,050.55, an increase of about 12%[15] - The company’s long-term borrowings increased to ¥8,077,410,544.61 in Q1 2025 from ¥7,003,086,437.92 in Q1 2024, an increase of approximately 15.4%[16] Shareholder Information - The company reported a total of 323,461 common shareholders at the end of the reporting period[9] - The top shareholder, Panstone Runqi (Shenzhen) Information Management Co., Ltd., holds 403,122,922 shares, accounting for 22.53% of the total shares[9] Business Strategy and Operations - The company plans to continue focusing on advanced technologies and key application markets while optimizing its business structure and supply chain layout[11] - The company aims to maintain a resilient and sustainable supply chain while closely monitoring international trade developments[11] - The company reported a year-on-year revenue growth of 92.9% in computing electronics, 66.0% in automotive electronics, and 45.8% in industrial and medical electronics due to the integration of Shengdie Semiconductor (Shanghai) Co., Ltd.[11] - The company completed the acquisition of 80% equity in Shengdie Semiconductor for approximately USD 62.4 million, with the transaction finalized on September 28, 2024[12] Research and Development - Research and development expenses for Q1 2025 were ¥459,145,497.07, an increase of 20.5% from ¥380,993,841.09 in Q1 2024[18] - Financial expenses rose significantly to ¥89,098,747.81 in Q1 2025 from ¥8,020,325.61 in Q1 2024, indicating a substantial increase[18]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In 2024, the company achieved operating revenue of 35.962 billion yuan, a year-on-year increase of 21.24%, and a net profit attributable to shareholders of 1.610 billion yuan, up 9.44% year-on-year [2][4]. - The company continues to optimize its product structure and global layout, maintaining robust growth driven by the recovery of the semiconductor industry and structural differences in downstream applications [10]. - The company has made significant investments in advanced packaging technology and capacity expansion, particularly in AI and automotive electronics, which are expected to drive future growth [10]. Financial Performance - In Q4 2024, the company reported operating revenue of 10.984 billion yuan, a year-on-year increase of 18.99% and a quarter-on-quarter increase of 15.72%, with a net profit of 533 million yuan, up 7.28% year-on-year and 16.66% quarter-on-quarter [10]. - The gross margin for Q4 2024 reached 13.34%, an increase of 1.12 percentage points quarter-on-quarter, while the net profit margin rose to 4.93%, up 0.14 percentage points quarter-on-quarter [10]. - The company’s capital expenditure in Q4 2024 was 1.502 billion yuan, a year-on-year increase of 116.21% and a quarter-on-quarter increase of 23.17%, laying a strong foundation for future growth [10]. Market Segmentation - In 2024, the revenue breakdown by market application was as follows: Communication Electronics 44.8%, Consumer Electronics 24.1%, Computing Electronics 16.2%, Automotive Electronics 7.9%, and Industrial and Medical Electronics 7.0% [10]. - The computing electronics segment saw a year-on-year revenue growth of 38.1%, while the automotive segment grew by 20.5%, both outperforming market averages [10]. Subsidiary Performance - Key subsidiaries reported the following revenues: Xinke Jinpeng 12.185 billion yuan (up 7.39%), Changdian Korea 15.815 billion yuan (up 28.93%), and Changdian Advanced 1.688 billion yuan (up 35.36%) [10]. - Net profits for these subsidiaries were 1.893 billion yuan, 307 million yuan, and 325 million yuan, respectively, with net profit margins of 19.25% and 15.54% for Changdian Advanced and Xinke Jinpeng [10]. Research and Development - The company maintained a strong focus on R&D, with total R&D expenditure reaching 1.718 billion yuan in 2024, a year-on-year increase of 19.33% [10]. - Plans for 2025 include increased investment in advanced packaging R&D, targeting breakthroughs in high-end 3D packaging and other key areas [10].

Industry Overview - The projector industry has seen rapid development since 2016, driven by consumer-level penetration, new light source applications, and the expansion of online channels [1][17] - The COVID-19 pandemic significantly impacted the industry in 2020, causing fluctuations in shipment volumes [1][17] - As of 2023, the projector shipment volume in China is expected to grow annually, with an estimated total shipment of approximately 5.5 million units in 2024 and a projected 9.26 million units by 2028 [1][17] Market Structure - The projector market is primarily divided into home and commercial segments, with home projectors accounting for over 80% of the market share in 2024 [18] - The consumer base is becoming younger, leading to increased demand for smart home entertainment solutions [18] Industry Development History - The projector industry in China can be divided into three stages: the embryonic phase (1990-2000), the initial phase (2000-2010), and the rapid development phase (2010-present) [5] - The market for home projectors has grown significantly, with nearly 70% market share in 2022 [5] Industry Chain - The projector industry chain consists of three main segments: upstream (core components like chips and lenses), midstream (manufacturers), and downstream (end-user applications) [7][9] - Upstream suppliers include companies like Rockchip, Allwinner Technology, and Sony, while midstream manufacturers include companies like XGIMI and Fengmi [9] Key Companies - XGIMI Technology has established itself as a leading domestic brand, achieving full-chain self-research capabilities and strong sales performance [21][23] - Other notable companies in the industry include BenQ, Epson, Sony, and Panasonic, which dominate the commercial projector market [21] Market Trends - Online channels are becoming a significant sales avenue for projectors, shifting the consumer structure from B2B to B2C [27] - The consumer market is expected to continue growing, driven by the demand for high-quality home entertainment experiences [28] - New application scenarios, including automotive and AR/VR technologies, are emerging as growth points for the industry [30]